If liability found current year which has note accounted yet
This query is : Resolved
25 May 2015
Hello dears,
Thank you all for your valued time.
How to account during the current year for the below situation.Kindly please find me Journal entries too.
(how to account such huge liability in current year)
Situation;
1.Lease rent not paid or accounted last ten years, sum of Rs. 3,000,000
2. we owed to government and they send a notice, thus we came to know this liability.
Thank you
Thank you all for your valued time.
How to account during the current year for the below situation.Kindly please find me Journal entries too.
(how to account such huge liability in current year)
Situation;
1.Lease rent not paid or accounted last ten years, sum of Rs. 3,000,000
2. we owed to government and they send a notice, thus we came to know this liability.
Thank you
25 May 2015
As your comes to know from notice of govt department and this is also part of penalty and you have not paid and accrued during last years. as per my understanding you have to pay to govt the same amount in current year.hence in my opinion for the purpose of accounting of this item please refer Accounting slandered 5 Accounting for prior period items.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Depreciation of fixed assets- coop housing society in mumbai
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- TDS on Consultancy- Non DTAA
- Eway bill generation from place other than registeted
- GST rate and HSN code for sale of racing horses
- Condonation . E-Verification of last year return .
- TDS Return Q1 FY 2026-27
- Query – TDS on purchase of land from NRI under Income-tax Act, 2025
- DIN reactivation
- Management System (IMS)
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
